Agusto & Co. Affirms Abbey Mortgage Bank’s A3 Rating, Highlights Strong Fundamentals and Stable Outlook

 

Agusto & Co. Affirms Abbey Mortgage Bank’s A3 Rating, Highlights Strong Fundamentals and Stable Outlook

 

Pan-African credit rating agency, Agusto & Co., has affirmed the ‘A3’ short-term rating assigned to Abbey Mortgage Bank, reinforcing its position as a stable and reliable financial institution within Nigeria’s mortgage and financial services sector.

 

Strong Fundamentals Amid Economic Challenges

 

According to Agusto & Co., Abbey’s stable outlook is supported by its low leverage, steady financial fundamentals, and strong operational efficiency, despite the prevailing macroeconomic challenges.

 

The agency highlighted a decline in the Bank’s non-performing loan (NPL) ratio, credited to recoveries from legacy exposures and continued improvements in credit risk management practices.

 

Management Reacts to the Rating

 

Speaking on the development, Mobolaji Adewumi, Managing Director and Chief Executive Officer of Abbey Mortgage Bank, said:

 

“We are pleased with this rating by Agusto & Co. It attests to the resilience, integrity, and culture of excellence that define our institution. We remain committed to reinforcing stakeholder confidence, delivering long-term value, driving innovation, and ensuring efficiency across all our operations.”

 

Adewumi further explained that the rating marks an upgrade from the Bank’s previous BBB- rating by Agusto & Co. and A- rating by DataPro, signifying enhanced financial strength and operational performance.

 

“It also reflects growing investor confidence in Abbey’s stability and supports our strategic ambitions for sustainable growth and market expansion,” he added.

 

A Milestone for Growth and Investor Confidence

 

Also speaking, Mr. Dipo Adeoye, Executive Director, Treasury and Business Growth, described the new rating as a significant milestone that reaffirms the Bank’s solid foundation and growth trajectory.

 

“This rating opens new opportunities to deepen our market presence, attract strategic partnerships, and expand our funding capacity. It positions us to deliver greater value to our customers and stakeholders while driving innovation and sustainable expansion in the financial sector,” Adeoye said.

 

He noted that the Bank now holds an A3 short-term rating and a BBB- long-term rating from Agusto & Co., alongside an A1 short-term rating and A long-term rating from DataPro.